Saturday, August 2, 2025

Latest

Vancouver Homeowners Face 9% Property Tax Increases Over 5 Years

Vancouver property owners may face significant property tax increases over the next five years, as indicated in a budget outlook report presented to the city council on Monday evening. The report proposes implementing a 9% annual hike from 2024 to 2028 in order to maintain the current service levels and balance the budget.

For the average strata property owner, this would result in an approximate yearly increase of $116, while a median single-family detached home would see a yearly increase of $304.

These projections by city staff are still subject to revision, and the budget is not expected to be finalized until near the end of the year. The mayor’s budget task force, established to assess fund allocation after a 10.7% property tax increase for 2023 was approved, is currently conducting a line-by-line review to identify potential areas for increased efficiency.

Councilor Sarah Kirby-Yung, part of the task force, acknowledges that the proposed increase is not ideal and highlights the need for more reasonable tax increases. 

“We recognize that residents and our small businesses are really being hit hard in terms of increasing cost pressures, material labor costs — the same things the city is dealing with. But we are looking at ways to bring the tax increases in line to be more reasonable,” she said.

The city is facing substantial financial pressures due to factors such as inflation, supply chain disruptions, labor market challenges, and changes resulting from the pandemic.

The city’s budget will also need to accommodate significant capital expenditures, estimated at $730 million annually from 2024 to 2028. These expenses are essential for asset renewal, addressing population growth, and fulfilling city goals, including the Climate Emergency Action Plan. On top of this, the city’s operational costs are also expected to increase in the coming years. 

While the budget task force aims to identify opportunities for streamlining funding, some council members express concerns about potential cuts to vital services such as libraries, parks, and programs for homelessness. The importance of supporting services that cater to the diverse needs of Vancouver residents is emphasized.

Kirby-Yung suggests potential revenue opportunities through systems that streamline building permit applications and exploring sponsorships for projects like the planned new PNE amphitheater. These initiatives could help offset the need for higher property taxes.


Information for this story was found via CTV News, CBC News, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

AngloGold Buys Another Gold Junior! Augusta Gold Acquired For $197 Million

Another Gold Deal! Aris Mining Sells Assets To McFarlane

Royal Gold Goes Big | $3.5 Billion Sandstorm Acquisition

Recommended

Tsunami Warnings Spread As Largest Quake Since 2011 Hits Russia

Northern Superior Intersects 1.75 g/t Gold Over 65.0 Metres At Philibert

Related News

How’s Florida Supposed To Pay for Public Services If They Axe Property Taxes?

Florida Governor Ron DeSantis’s push to eliminate property taxes would require the state to find...

Saturday, March 1, 2025, 11:29:00 AM

Marking Up at Markham: City Needs to Raise Property Taxes by 93.3% from 2024 to 2026 to Support Ontario’s Bill 23

In the 2023 budget tabled in January, Markham proposed a 6.4% increase in property tax...

Monday, September 11, 2023, 02:14:11 PM

How Market Speculators Are Disappearing Amid Vancouver’s Real Estate Collapse

In the wake of Vancouver’s turbulent real estate market, a new and disturbing trend is...

Monday, September 16, 2024, 02:53:00 PM

City of Vancouver Wants to Increase Property Tax by 9.7% in 2023

The City of Vancouver is proposing a 9.7% hike in property tax to address inflation...

Thursday, February 23, 2023, 02:22:00 PM